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Mar 18, 2013
03/13
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was muted because the economy in the u.s. is pretty good and because it's still viewed as a safe haven. look what happened to the dollar. we can't continue to have question marks about confidence in an area of the world that's fragile and expect risk asset rallies including equity market to rally. >> european banks, they got hurt. they were down 3.5% to 4%. american banks were not. bank index was down less than 1%. i want to ask you though. given what dallara said, how do you assess the risk of this whole story? it seems small. a nothing little island. how do you see it? >> the last four years have been dedicated looking at risks globally. in my book i talk about the destruction lehman cauause overseas. now it's the reverse. the last three years we had elevator shaft drops in the u.s. stock market. at the end of the first quarter, beginning of the second quarter, 16%, 20% and 10%. each time there was credit spread contagion from europe. a sovereign problem that led to a bank problem. then that weakness led to u.s. credit spre
was muted because the economy in the u.s. is pretty good and because it's still viewed as a safe haven. look what happened to the dollar. we can't continue to have question marks about confidence in an area of the world that's fragile and expect risk asset rallies including equity market to rally. >> european banks, they got hurt. they were down 3.5% to 4%. american banks were not. bank index was down less than 1%. i want to ask you though. given what dallara said, how do you assess the...
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Mar 22, 2013
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we're in the obama economy. a college student doesn't need to study capitalism, moves into his parents house, lives there until he's 30. is on their health care plan. where do you find a professor to teach the joys of capitalism. >> there has to be somebody out there. >> they are there but they are a vanishing minority. >> capitalism is freedom. i appeal to your higher spirits. there must be an agreement with us some place. capitalism is about freedom. live, liberty and pursuit of happiness is done best through the free market capitalist system. >> i agree with you, larry. i don't know what stanford is doing. obviously they can do what they want because they are a private university and we have freedom of speech but i certainly would encourage the teaching of capitalism on campus. but i think you're all on a different planet. liberals are very supportive of capitalism. and this notion that somehow that the whole country has become anti-capitalist is not true. >> dave horowitz the congress man believes liberals a
we're in the obama economy. a college student doesn't need to study capitalism, moves into his parents house, lives there until he's 30. is on their health care plan. where do you find a professor to teach the joys of capitalism. >> there has to be somebody out there. >> they are there but they are a vanishing minority. >> capitalism is freedom. i appeal to your higher spirits. there must be an agreement with us some place. capitalism is about freedom. live, liberty and...
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Mar 26, 2013
03/13
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economy. china is not a disaster. and if that's the case, i think equity valuation is still -- >> fair enough. >> now, we've got issues, though, right? there's tax hikes coming down the road. we've got obamacare. we had a gallon this show last week, owns a bakery, 50 employees. obamacare is going to wipe out two-thirds of her profit. we have that issue and very iffy operations in washington, d.c. where there could be more tax increases. we got through the sequester. that's good. but, you know, government never leaves us alone. so how much do you think that is going to be reflected inside the stock market, has stocks become too you've forric? >> the health care problem is a big one, an uncertainty. but i'm going argue that fiscal policy has actually improved quite a bit. the reason is because on january 2, they passed -- a tax bill that took away the uncertainty that had been hanging over the bush tax cuts. so they just made a lot of that permanent. and on the spending side, the sequester, as you've pointed out, actual
economy. china is not a disaster. and if that's the case, i think equity valuation is still -- >> fair enough. >> now, we've got issues, though, right? there's tax hikes coming down the road. we've got obamacare. we had a gallon this show last week, owns a bakery, 50 employees. obamacare is going to wipe out two-thirds of her profit. we have that issue and very iffy operations in washington, d.c. where there could be more tax increases. we got through the sequester. that's good....
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Mar 25, 2013
03/13
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i just had a thought on the economy. if you take a look at unemployment rates, overall, 7.7% is not the worst thing in the world, but four years after the recovery, it should be lower. here's the ones that are killers, and i just want to get your thoughts on how to solve it. teenage employment in the usa, total teenage employment, 25%. overall black employment, 13.8%. and the worst one is teenage black employment, 43%. how in the world can we solve those problems, sir? >> it's going to take a concerted effort. first of all, we as a society need to recognize for every one of those young people we can keep from going on the path of despair, that's one more tax paying productive member of society who may discover a new energy source. so we need to think of ways to invest in them early. that's why we put in reading rooms and all these places to get them interested in reading because we have a 30% high school dropout rate in this country, and this is the information age, the age of technology. there is no way we can afford to
i just had a thought on the economy. if you take a look at unemployment rates, overall, 7.7% is not the worst thing in the world, but four years after the recovery, it should be lower. here's the ones that are killers, and i just want to get your thoughts on how to solve it. teenage employment in the usa, total teenage employment, 25%. overall black employment, 13.8%. and the worst one is teenage black employment, 43%. how in the world can we solve those problems, sir? >> it's going to...
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Mar 21, 2013
03/13
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it weakens those economies dramatically, weakens those countries. and it also weakens italy. >> you're saying potential contagion. finally, how does it get resolved? michelle is talking about a good bank/bad bank, nobody pays on deposits up to $100,000. the bailout is 10 billion euros from the european -- ecb. the bail-in is about $6 billion euros. so greece is looking for whatever they're looking for, $4 billion, $5 billion. or does europe bail that out even more? >> the biggest factor of all, dan and i were talking a couple minutes ago, the depositors above 100,000 will lose 40% to 50%. >> those are russians. they're going to be pissed off. >> the great systemic problem of giant bank failures is somewhat eliminated by what they're putting forward now. >> what do you think, dan? does this work? >> for our viewers i don't think it matters. the specifics are super interesting, we're going to go have a drink. what matters to people at home, what matters to the larger story is we decided that people's property in banks was not their own. >> in europe o
it weakens those economies dramatically, weakens those countries. and it also weakens italy. >> you're saying potential contagion. finally, how does it get resolved? michelle is talking about a good bank/bad bank, nobody pays on deposits up to $100,000. the bailout is 10 billion euros from the european -- ecb. the bail-in is about $6 billion euros. so greece is looking for whatever they're looking for, $4 billion, $5 billion. or does europe bail that out even more? >> the biggest...
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Mar 19, 2013
03/13
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as i said earlier, i firmly believe that this is going to hurt the economy, an economy that is struggling to really get a foothold and showing signs of life. absolutely the worst time to set one of these fiscal time bombs. >> i would like to react to that. and maybe i will. i just want to read this from the marines. saying this exercise, for example, was planned well in advance, had nothing to do with the budget cuts. this is from the marines. there were no corners cut, and if they couldn't afford to have all the safety precautions into place, they wouldn't do the exercise, okay? and this was reported by nbc's jim miklaszewski. this is insanity. to have marines having make that kind of statement. and this damages national security and mar morale, too. >> it does and not even overplaying the hand, just a gross indecency. back to jerryd's point on the sequester, where does the $44 billion in cash come from, larry? it comes from we the people, either through taxing, borrowing, printing of money, which is another form of taxation. it's not from heaven that it's being done -- >> i think budget
as i said earlier, i firmly believe that this is going to hurt the economy, an economy that is struggling to really get a foothold and showing signs of life. absolutely the worst time to set one of these fiscal time bombs. >> i would like to react to that. and maybe i will. i just want to read this from the marines. saying this exercise, for example, was planned well in advance, had nothing to do with the budget cuts. this is from the marines. there were no corners cut, and if they...